International Sales News - As Seen on TV Products

International news, issues, and trends for innovative consumer products in the direct response television industry (DRTV), as well as tips for export management & international product sales. This blog focuses on the As Seen on TV product category.

Friday, June 13, 2008

Commonly Used Payment Terms For International Trade

Here are some commonly used payment terms used when exporting or importing goods.

  • Cash In Advance - Upfront cash to the exporter prior to shipment
  • Letter of Credit (L/C) - A letter issued by a bank that authorizes the bearer to draw a stated amount of money from the issuing bank, its branches, or other associated banks or agencies
  • Open Account - An unpaid credit order
  • Consignment - Payment is deferred until goods are sold
  • Telegraphic Transfer (T/T) - Electronic transfers of funds through banks

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